Quarterly report pursuant to Section 13 or 15(d)

Indebtedness (Tables)

v3.20.1
Indebtedness (Tables)
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Schedule of debt
As of March 31, 2020, debt consisted of the following (in thousands, except percentages):
Carrying Values, net of
debt discount
Unused Borrowing Capacity(2)
Interest
Rate (1)
Maturity
Date
Current Long Term Total
Recourse debt:
Bank line of credit $ —    $ 237,960    $ 237,960    $ —   
4.04% - 5.10%
April 2022
Total recourse debt —    237,960    237,960    —   
Non-recourse debt:
Senior 31,205    749,810    781,015    291   
3.44% - 5.61%
April 2022 - July 2027
Subordinated 12,510    538,267    550,777    —   
6.78% - 10.65%
March 2023 - July 2030
Securitization Class A 27,298    832,186    859,484    —   
3.61% - 5.31%
July 2024 - February 2055
Securitization Class B 495    8,577    9,072    —    5.38% July 2024
Total non-recourse debt
71,508    2,128,840    2,200,348    291   
Total debt $ 71,508    $ 2,366,800    $ 2,438,308    $ 291   
(1)  Reflects contractual, unhedged rates. See Note 9, Derivatives for hedge rates.
(2) Represents the additional amount the Company could borrow, if any, based on the state of its existing assets as of March 31, 2020. For a description of the amount of capital commitments the Company can draw from as it constructs new assets, please see Item 2. Management’s Discussion and Analysis of Financial Conditions and Result of Operations, Debt and Financing Fund Commitments.
As of December 31, 2019, debt consisted of the following (in thousands, except percentages):
Carrying Values, net of
debt discount
Unused
Borrowing
Capacity
Interest
Rate (1)
Maturity
Date
Current Long Term Total
Recourse debt:
Bank line of credit $ —    $ 239,485    $ 239,485    $ —   
5.09% - 5.38%
April 2022
Total recourse debt —    239,485    239,485    —   
Non-recourse debt:
Senior 8,020    617,499    625,519    14,639   
3.94% - 5.61%
April 2022 - July 2027
Subordinated —    513,938    513,938    —   
6.93% - 10.80%
March 2023 - July 2030
Securitization Class A 26,838    839,981    866,819    —   
3.61% - 5.31%
July 2024 - February 2055
Securitization Class B 490    8,689    9,179    —    5.38% July 2024
Total non-recourse debt
35,348    1,980,107    2,015,455    14,639   
Total debt $ 35,348    $ 2,219,592    $ 2,254,940    $ 14,639   
(1)  Reflects contractual, unhedged rates. See Note 9, Derivatives for hedge rates.